Episode 22 - week-ending 25 November 2022

Audio is here, or on most good podcast platforms (and some bad ones!)

Monday 21 Nov

Accrol group (LON:ACRL) - H1 TU pretty good. Expecting FY results at least in line with mkt exps. Substantial growth in volumes, and prices raised a lot. Flaw in business model is it's low margin, and can’t control input prices, and time lag in passing on price rises. Although a reader did comment they’re now better matching input & output prices with improved contracts. Net debt of £30.5m still a lot for a co making only £7m profit this year. Earnings expectations have been lowered a lot, over two thirds, so easy to beat now. I think it’s not a very good business, and shares don’t seem particularly good value. But this update was positive.

Pod Point group (LON:PODP) - my first review. I wouldn’t go near it, not a viable business model. One-off sales, with little to no recurring revenues. Heavily loss-making. Installs one-off EV charging points, mainly residential. Commercial division has little recurring revenue. 55% owned by EDF - why did it float? To get someone else to pay for EV charging point roll-outs? I wouldn’t touch it, looks doomed to failure. Lost ¾ of value since floating, grinds down to zero eventually maybe? Still has lots of cash though.

TT electronics (LON:TTG) - Graham reviewed. Very interesting development - buy-in of pension scheme with L&G. If other companies follow suit, could be v good news. We need to do some more work on this & compare it with other pension schemes.

Polar Capital Holdings (LON:POLR) - Graham reviewed, he has experience & knowledge on finance shares, as a former fund manager.

Tuesday 22 Nov

I was preoccupied selling my Porsche Taycan, wanted to try out an EV. Amazing car, v quick & superb handling, but charging infrastructure inadequate. I barely used it, as working from home. So big & wide, difficult to place on the road. Range anxiety is a big thing with EVs. Sold it for more than I paid for it! Replacing it with an Audi A4 petrol, boring, but sensible.

Forterra (LON:FORT) - brick maker, looks interesting. In line with expectations. Downturn from housebuilding? Maybe not, because there’s a shortage, being filled by lower quality imports. So with new…

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